<SEC-DOCUMENT>0001104659-20-103489.txt : 20200909
<SEC-HEADER>0001104659-20-103489.hdr.sgml : 20200909
<ACCEPTANCE-DATETIME>20200909165810
ACCESSION NUMBER:		0001104659-20-103489
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200909
DATE AS OF CHANGE:		20200909

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-233896
		FILM NUMBER:		201167019

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		980-373-9093

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		980-373-9093

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a20-30218_3fwp.htm
<DESCRIPTION>FWP
<TEXT>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Filed pursuant to Rule&nbsp;433</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">September&nbsp;9, </font></i></b><b><i><font size="3" style="font-size:12.0pt;font-style:italic;font-weight:bold;">2020</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Relating to</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Preliminary Prospectus Supplement dated September&nbsp;9, </font></i></b><b><i><font size="3" style="font-size:12.0pt;font-style:italic;font-weight:bold;">2020</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">to</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Prospectus dated September&nbsp;23, 2019</font></i></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Registration Statement No.&nbsp;333-233896</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Duke Energy Corporation<br> $650,000,000 0.90% Senior Notes due 2025</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">$350,000,000 2.45% Senior Notes due 2030</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pricing Term Sheet</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Issuer:</font></p>    </td>
<td width="71%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.75pt .1in 5.75pt;width:71.7%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Duke Energy Corporation (the &#147;<b>Issuer</b>&#148;)</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trade Date:</font></p>    </td>
<td width="71%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:71.7%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">September&nbsp;9, 2020</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Settlement:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">September&nbsp;11, 2020 (T+2)</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratings (Moody&#146;s/S&amp;P)</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">*</font><font size="3" style="font-size:12.0pt;">:</font></p>    </td>
<td width="71%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:71.7%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Baa1 (Stable) / BBB+ (Stable)</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Security Description:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.90% Senior Notes due 2025 (the &#147;<b>2025 Notes</b>&#148;)</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.45% Senior Notes due 2030 (the &#147;<b>2030 Notes</b>&#148;)</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principal Amount:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$650,000,000</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$350,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The 2030 Notes will be part of the same   series of notes as the $500,000,000 aggregate principal amount of the   Issuer&#146;s 2.45% Senior Notes due 2030 issued on May 15, 2020.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Payment Dates:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">March&nbsp;15 and September&nbsp;15 of   each year, beginning on March&nbsp;15, 2021</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">June&nbsp;1 and December&nbsp;1 of each   year, beginning on December&nbsp;1, 2020 (interest on the 2030 Notes will   accrue from May&nbsp;15, 2020)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maturity Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">September&nbsp;15, 2025</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">June&nbsp;1, 2030</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Benchmark Treasury:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.250% due August&nbsp;31, 2025</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.625% due August&nbsp;15, 2030</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Benchmark Treasury Yield:</font></p>    </td>
<td width="35%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:35.38%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.280%</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.703%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Spread to Benchmark Treasury:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">+63 bps</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">+105 bps</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Yield to Maturity:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.910%</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.753%</font></p>    </td>   </tr>
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<td width="28%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:28.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Coupon:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0.90%</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.45%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Price to the Public:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.951% per 2025 Note (plus accrued   interest, if any, from September&nbsp;11, 2020)</font></p>    </td>
<td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.75pt .1in 5.75pt;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">106.058% per 2030 Note (plus accrued   interest of $2,763,055.56 for the period from and including May&nbsp;15, 2020   to, but excluding, the date of delivery)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Redemption   Provisions/</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:17.25pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Make-Whole Call:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">At any time before August&nbsp;15, 2025 (which is the date that is   one month prior to the maturity date of the 2025 Notes (the &#147;<b>2025 Par Call Date</b>&#148;)), the Issuer will have the right to   redeem the 2025 Notes, at its option, in whole or in part and from time to   time, at a redemption price equal to the greater of (1)&nbsp;100% of the   principal amount of the 2025 Notes being redeemed and (2)&nbsp;the sum of the   present values of the remaining scheduled payments of principal and interest   on the 2025 Notes being redeemed that would be due if the 2025 Notes matured   on the 2025 Par Call Date (exclusive of interest accrued to the redemption   date), discounted to the redemption date on a semi-annual basis (assuming a   360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10   basis points, plus, in either case, accrued and unpaid interest on the   principal amount of the 2025 Notes being redeemed to, but excluding, such   redemption date.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">At any time before March&nbsp;1, 2030 (which is the date that is   three months prior to the maturity date of the 2030 Notes (the &#147;<b>2030 Par Call Date</b>&#148;)), the Issuer will have the right to   redeem the 2030 Notes, at its option, in whole or in part and from time to   time, at a redemption price equal to the greater of (1)&nbsp;100% of the   principal amount of the 2030 Notes being redeemed and (2)&nbsp;the sum of the   present values of the remaining scheduled payments of principal and interest   on the 2030 Notes being redeemed that would be due if the 2030 Notes matured   on the 2030 Par Call Date (exclusive of interest accrued to the redemption   date), discounted to the redemption date on a semi-annual basis (assuming a   360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30   basis points, plus, in either case, accrued and unpaid interest on the   principal amount of the 2030 Notes being redeemed to, but excluding, such   redemption date.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:21.75pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Par Call:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">At any time on or after the 2025 Par Call Date, the Issuer will have   the right to redeem the 2025 Notes, at its option, in whole or in </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">At any time on or after the 2030 Par Call Date, the Issuer will have   the right to redeem the 2030 Notes, at its option, in whole or in part and </font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:21.75pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">part and from time to time, at a redemption price equal to 100% of   the principal amount of the 2025 Notes being redeemed plus accrued and unpaid   interest on the principal amount of the 2025 Notes being redeemed to, but   excluding, such redemption date.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">from time to time, at a redemption price equal to 100% of the   principal amount of the 2030 Notes being redeemed plus accrued and unpaid   interest on the principal amount of the 2030 Notes being redeemed to, but excluding,   such redemption date.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Denominations:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$2,000 or any integral multiple of   $1,000 in excess thereof</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$2,000 or any integral multiple of   $1,000 in excess thereof</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CUSIP / ISIN:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26441C BJ3 / US26441CBJ36</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26441C BH7 / US26441CBH79</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint Book-Running Managers:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Barclays   Capital Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">BofA   Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Credit   Suisse Securities (USA) LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">J.P.   Morgan Securities LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Morgan   Stanley&nbsp;&amp; Co. LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">RBC   Capital Markets, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Truist   Securities,&nbsp;Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Co-Managers:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Loop Capital   Markets LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Siebert Williams   Shank&nbsp;&amp; Co., LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">BMO Capital   Markets Corp.<br>   CastleOak Securities, L.P.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Drexel Hamilton,   LLC</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-3.0pt;">*</font><font size="1" style="font-size:8.0pt;">&#160;Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently of any other credit rating.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the SEC Web site at <u>www.sec.gov</u>.&#160; Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities,&nbsp;Inc. toll-free at (800) 294-1322 or by email at dg.prospectus_requests@bofa.com; Credit Suisse Securities (USA) LLC toll-free at (800) 221-1037; J.P. Morgan Securities LLC collect at (212) 834-4533; Morgan Stanley&nbsp;&amp; Co. LLC toll-free at (866) 718-1649; RBC Capital Markets, LLC toll-free at (866) 375-6829; or Truist Securities,&nbsp;Inc. toll-free at (800) 685-4786.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANY DISCLAIMER OR OTHER NOTICE THAT MAY&nbsp;APPEAR BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER EMAIL SYSTEM.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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